Deloitte’s ConvergePROSPERITY™ BankingSuite on AWS helps clients including Western Union meet customer demand for new digital banking services
NEW YORK, Nov. 2 2022 /PRNewswire/ —
- Deloitte announced a multi-year collaboration with AWS to co-innovate and engineer solutions that help institutions accelerate the launch of digital banking services and modernizing their legacy core banking arrangements.
- Affiliate offer Deloitte’s ConvergePROSPERITY BankingSuite solution and various AWS services.
- With the solution, Western Union launches cutting-edge digital banking platform in Germany, Romania and Poland in less than a year.
- Deloitte research highlights the number of customers using digital banking channels is now more than before COVID-19 pandemic.
To help financial institutions meet the growing demands of consumers and small businesses, and to accelerate the launch of the first digital banking service, Deloitte today announced a multi-year co-investment and engineering collaboration with Amazon Web Services Inc. (AWS). The collaboration features Deloitte’s digital banking platform that helps banks and non-banks deliver innovative customer experiences, modernize legacy product platforms, drive greater efficiency and bring products and services to market faster on AWS.
Through its collaboration with AWS, Deloitte can help banks and non-bank financial service providers, such as Western Union, drive new value for their businesses in an increasingly competitive market. Their collaboration has resulted in successful projects such as the new Western Union digital banking platform, launched on Germany, Romania and Poland earlier this year.
As banking preferences among consumers shift to digital channels, banks continue to build on the digital transformation accelerated by the pandemic. According to Deloitte’s survey, “Building digital banking momentum,” one-third of respondents agreed that they use digital banking channels more now than in the days before the pandemic. Through this collaboration with Deloitte and AWS, the bank will be able to innovate quickly and offer more of the personalized digital banking capabilities that consumers increasingly expect.
“Launching bespoke digital banking services has long been an expensive and time-consuming endeavor. As banks and financial services organizations continue to face the challenges of shifting customer expectations, COVID-19, regulatory changes and emerging organizations disrupting established models , it is important to innovate at a speed that has never been greater,” he said Gys Hyman, general manager of ConvergePROSPERITY by Deloitte and principal, Deloitte Consulting LLP. “ConvergePROSPERITY BankingSuite enables banks to continue to drive technology innovation forward so they can create new, targeted offerings at the pace customers now expect. This new solution combines the deep sector power and technology experience of Deloitte along with the security and scale of AWS, and the breadth and the depth of AWS services to build an enterprise-class banking platform that can help our customers create the future of today’s forward-looking, customer-centric digital banking.”
The solution helps institutions operate more efficiently and with less friction. BankingSuite provides a digital-first back office by giving internal employees a single view of customers and innovative financial products — such as crypto purchases for consumers and invoicing for small to medium businesses — integrated within the banking app. Deloitte’s BankingSuite technology stack not only leverages the advantages of AWS, but also uses Amazon Connect for contact centers and Amazon Connect Cases for call center case management, Amazon Pinpoint for customer engagement management and Amazon Cognito for end-user security. Deloitte’s ConvergePROSPERITY BankingSuite on AWS provides banks and other financial services organizations with a next-generation banking platform that can accelerate bringing new customer capabilities to market in the cloud with ready-to-use banking solutions. The platform gives banks and non-banks the ability to quickly enable customer-centric features such as cross-product offers, rewards and highly contextual omni-channel experiences.
One example of a successful implementation is Western Union, a global leader in cross-border, cross-currency money movement and payments. The company wants to build and launch a digital banking platform as part of its strategy to broaden and deepen existing relationships with its customers. Deloitte brings a combination of business strategy, digital banking experience and technology to help Western Union build and launch its digital banking offering at Germany, Romania and Poland in just 11 months.
“With ConvergePROSPERITY BankingSuite on AWS, we can de-risk and drastically accelerate the launch of our digital banking platform in three European markets,” said Tom Mazzaferro, chief data and innovation officer, Western Union. “Most importantly, our ability to expand our product set to countries incrementally has been significantly enhanced due to our modular components and cloud-based architecture.”
“The financial services industry is focused on accelerating innovation to drive new and better ways of operating, as well as identifying new business opportunities and customer experiences,” he said. John Cain, head of Financial Services Market Development at AWS. “Financial institutions are taking advantage of the momentum from more than a decade of unprecedented rates of change to reinvent themselves, reimagine business and customer value, streamline their processes and become increasingly resilient. Our work with Deloitte combines the power of AWS services and security with Deloitte’s industry experience to support financial services organizations as they accelerate innovation and digital transformation to foster a frictionless user experience.”
Converge™ by Deloitte platforms, including ConvergePROSPERITY™ConvergeHEALTH™and ConvergeCONSUMER™ used by leading banking, insurance, life sciences, healthcare, retail and consumer companies in over 30 countries. With regulatory experience in financial services, strategy and implementation, ConvergePROSPERITY helps organizations improve customer experience, expand product offerings, acquire new customers, reduce customer acquisition costs and deliver strong return on investment goals from technology investments. Converge by Deloitte is powered by more than $750 million a five-year investment in research and development, talent and alliances to help reinvent and reimagine the industry leveraging the breadth and depth of Deloitte and its ecosystem.
ConvergePROSPERITY BankingSuite is now available at United States of America and markets globally.
For more information, visit Converge by Deloitte.
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SOURCE Deloitte Consulting LLP